A regulator wants to compare a lender's mortgage application data by geography and applicant demographics to spot possible discriminatory patterns. Which law requires the reporting of that data?
Correct Answer
B) Home Mortgage Disclosure Act (HMDA)
Home Mortgage Disclosure Act (HMDA) is correct because the facts match a federal law requiring certain lenders to collect and report mortgage application and origination data to help monitor lending patterns. That is the best description of the relationship, right, or legal concept tested here.
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